Australia announced on May 8 that it will be increasing the amount of savings that international students require to get a visa, while the nation’s administration warned many educational institutions of fraudulent practices of admitting students. The move comes as Australia’s efforts to curb record migration.

From Friday, i.e. May 10, the international students studying in the continent nation are required to show proof of saving at least A$ 29,710 ($19,576) to get a visa. This is the second raise in the visa savings amount in the last seven months as just in October last year it was raised from A$ 21,041 TO A$ 24,505.

The steps follow a range of initiatives taken in recent months to tighten student visa requirements, as the relaxation of COVID-19 limits in 2022 resulted in an unexpected inflow of migrants, aggravating pressure on an already tight rental market.

In March 2024, English language requirements were also raised for student visas with the government taking steps to bring an end to the rules that allows students to increase their stay in Australia.

Home Affairs Minister Clare O’Neil stated that warning letters had been sent to 34 educational institutions for “non-genuine or exploitative recruitment practices”. If convicted, they may face up to two years in prison and a restriction on recruiting pupils, she added.

International education accounts to Australia’s largest export industries which amounted to A$36.4 billion ($24 billion) in the FY23.

But an increase in migration, mostly driven by oversees students, has pressurised the government due to which rental prices are also reaching record highs across the country. In September, 2023, net immigration rose 60 percent to a record 548,800.

The government currently expects that its policies could bring down Australia’s migrant intake to half the next two years.

“We are significantly reducing migration levels – we are in the middle of the biggest drop in migration numbers in Australia’s history, outside of war or pandemic,” O’Neil said.